sagar (CA FINAL STUDENT) (60 Points)
29 June 2011Whelther the deductions like 50% in first year & 15% in renewal commission can be claimed by an agent of general insurance co. (not LIC).suppose his income exceed 60000 then whelther it is reasonable to treat him in the head income from other sources???
and if his income exceed 120000 but we do not maintain books of accounts..... then, can we file ITR by showing the whole income(without claiming deductions) under income from other sounces???
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 30 June 2011
Dear Sagar,
Yes. You may treat the entire commssion as your income, since the commission received is below the limit as prescribed in the Act.
regards
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 30 June 2011
YOU HAVE TO SHOW THE BUSINESS INCOME AND HAVE TO FILE ITR-4.
farhan
(Article Assistant)
(48 Points)
Replied 30 June 2011
Whether discount should be included in taxable value in West Bengal to be used for computation of VAT liability, plese quote ur answer with relevent section fo the VAB Legislature.Please reply for both cash discount and for trade discount.
CAclubindia
